Neel Kashkari, Interview: Bremer Financial Corporation’s Fall Leadership Conference

“My preparation for the meeting is identical. Everybody goes to all the meetings, everybody fully participates, everybody makes the recommendation. Then in the last two minutes of the second day of the meeting, at the very end of the meeting, they call a vote. Then the secretary of the FOMC calls out certain names versus other names, just depending on whether it is your turn to vote.”

“So the question is we’ve done a lot of tightening. There’s a lot of tightening that still has to work its way through the economy. As Jean was hinting at, maybe we’ve done enough. If we keep going, maybe we’ll end up doing too much and overshooting because of these lags. That is absolutely a risk. But the challenge is we’re seeing almost no evidence that underlying inflation has peaked or is on its way down … And so, for me, until I see some evidence that underlying inflation has solidly peaked and is hopefully headed back down, I’m not ready to declare a pause. I think we’re quite a ways away from a pause.”